Spain names EIB’s Roman Escolano as new economy minister

Business Recorder – 07.03.2018

MADRID: Spain’s Prime Minister Mariano Rajoy on Wednesday named current Vice-President of the European Investment Bank (EIB) Roman Escolano as new economy minister, responsible for helping coordinating the country’s position with the European Union.

Escolano, who will replace Luis De Guindos, freshly appointed vice-president of the European Central Bank, will be tasked with acting as Spain’s economic envoy with Brussels and directing the country’s economic recovery after an economic downturn which saw unemployment soar to 27 percent.

Spain is expected to cut its public deficit to within EU guidelines of below 3 percent of gross domestic product this year after the financial crisis sent the shortfall to above 11 percent of GDP in 2011.

Escolano will also navigate pressing themes including the political crisis in Catalonia, which is pushing for secession from Spain, and Britain’s planned exit from the EU by next year.

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